Well, not exactly. Don't forget that there is a price-stable currency (Steem Dollars) built into the platform. And an ecosystem (including a marketplace as well as applications beyond Steemit.com) will be built around Steem Dollars. So Reddit is really only good for a very, VERY rudimentary basis of comparison. All in all, when you a) consider the above reality, and b) do a real calculation of the market cap (factoring in only liquid STEEM), it starts to look like STEEM is undervalued, perhaps vastly so.